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Discussion Starter · #1 ·
There was some discussion about financing on one of the other threads and I wanted to share this with the group:

SIlicon Valley Fisker put me in touch with a company called Premier Leasing that offers a ver flexible open-ended lease for the Karma (basically a loan with a balloon payment at the end of the term). The interest rate works out to just under 6% which is not spectacular, but they appear to be very flexible on loan terms and down payments down to and including $0 down. I have not yet decided which way I am going to go, but in the spirit of sharing information, here is the contact information with the sales person who has been helping me.

-- Fab

[align=center]Juan Garcia
West Coast Sales Manager

Premier Financial Services
47 Sherman Hill Road
Woodbury, CT  06798
805-377-1436 Cell Phone
203-267-7700
203-267-7773 FAX

For more information about PFS, please visit our website at http://www.premierfinancialservices.com[/align]
 

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Wow, I think almost any credit union could beat that deal. I am surprised banks even exist anymore for the average customer.
 

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Discussion Starter · #3 ·
kabalah70 said:
Wow, I think almost any credit union could beat that deal. I am surprised banks even exist anymore for the average customer.
@kab, while that may be true, (1) not everyone can join a credit union since you have to be a member of a group (teacher, military, employee of a certain company, etc.) to qualify; and (2) the Karma is so new and unknown that there is greater risk to the lender since you can't just look up the residual value in the Blue Book to see what the collateral would be worth if you have to repossess the car, and greater risk usually translates into higher interest rates.

I was hoping that by starting this thread, we could exchange information about e specific banks and credit unions and other companies that are providing financing for Karmas at lower rates.

-- Fab
 

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I do want to thank Kabalah70 as he did put me on to the credit union he went with, and by a stroke of luck, I qualified for it, and I am waiting on a decision tomorrow. I feel more optimistic about this. If it goes through I'll post info, but again, not everyone will qualify. :(
 

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Credit union rules were relaxed a few years back and almost anyone can qualify for one in their state as I believe some have a catchall that if you don't qualify for another CU that you are eligible for that one on that basis. I think PSECU has a similar clause like, if your company does not have a CU and is less than so many employees that you can qualify for them. Of course, not all credit union are as paper-free and progressive as PSECU to offer such good rates, and many times rates are lowered for longer membership, etc. Of course, individual credit rating is important too.
 

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kabalah70 said:
Credit union rules were relaxed a few years back and almost anyone can qualify for one in their state as I believe some have a catchall that if you don't qualify for another CU that you are eligible for that one on that basis. I think PSECU has a similar clause like, if your company does not have a CU and is less than so many employees that you can qualify for them. Of course, not all credit union are as paper-free and progressive as PSECU to offer such good rates, and many times rates are lowered for longer membership, etc. Of course, individual credit rating is important too.
Agreed. Almost all have little loopholes to allow membership based on paying 30 bucks to join an association of some sort. I got my cousin a penfed membership that way and he loves them. I am a huge advocate of CUs, esp in the recent light of banks really changing all around. Even my beloved USAA is not the company it used to be. The subprime stuff really changed banks forever.
 

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Yep, I dumped my USAA Mastercard and use them for insurance only. They really screwed up my mortgage this time by sending me off to a partnership with Wells Fargo instead of financing it themselves for some reason unknown to the lady I talked to later. Of course, they kept no records as to why either, since they didn't service the loan. They are starting to forget where they came from, a danger to all who grow large and powerful.
 

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I financed my Karma with some credit union in Ft. Worth, Texas that Frank Kent Fisker suggested to me. 3.99% interest! It's almost free money.
 

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Penfed... 20 dollar donation and 1.99% for up to 70k on a new car loan. I am a current (happy) auto and mortgage customer.
 

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ky_soldier said:
I do want to thank Kabalah70 as he did put me on to the credit union he went with, and by a stroke of luck, I qualified for it, and I am waiting on a decision tomorrow. I feel more optimistic about this. If it goes through I'll post info, but again, not everyone will qualify. :(
Which credit union was that? Also, Fab, how are you faring on your financing search? Any good deals ?
 

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SoCalGuy said:
ky_soldier said:
I do want to thank Kabalah70 as he did put me on to the credit union he went with, and by a stroke of luck, I qualified for it, and I am waiting on a decision tomorrow. I feel more optimistic about this. If it goes through I'll post info, but again, not everyone will qualify. :(
Which credit union was that? Also, Fab, how are you faring on your financing search? Any good deals ?
PSECU (Pennsylvania State Employee's Credit Union) anyone who is or was a student of the thirteen state system of higher education universities should qualify. Along with lots of other obscure ways.
 

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Discussion Starter · #12 ·
SoCalGuy said:
Fab, how are you faring on your financing search? Any good deals ?
@SoCalGuy: I have applications in at two local credit unions, the San Mateo County Federal Credit Union and the Stanford Credit Union. The SMCU seemed to have the best deal (2.49% for 60 Months, 1.99% for 36 months) but their on-line form did not have the Fisker Karma, so I had to add a note to my application to clarify the car I am buying. The Stanford credit union's car loans max out at $100K, so I would have to put down the rest (Around $17K with sales tax and DMV fees). Both of them are very easy to join.

Will post the results when I hear back from one or both.

-- Fab.
 

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Fabulist said:
SoCalGuy said:
Fab, how are you faring on your financing search? Any good deals ?
@SoCalGuy: I have applications in at two local credit unions, the San Mateo County Federal Credit Union and the Stanford Credit Union. The SMCU seemed to have the best deal (2.49% for 60 Months, 1.99% for 36 months) but their on-line form did not have the Fisker Karma, so I had to add a note to my application to clarify the car I am buying. The Stanford credit union's car loans max out at $100K, so I would have to put down the rest (Around $17K with sales tax and DMV fees). Both of them are very easy to join.

Will post the results when I hear back from one or both.

-- Fab.
Thanks! I've been quoted 2.74% and 2.9% at some credit unions in LA. As a Berkeley man, I'd happily take Stanford money at 1.99% =)
 

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Discussion Starter · #14 ·
SoCalGuy said:
As a Berkeley man, I'd happily take Stanford money at 1.99% =)
@SoCalGuy: I think the Stanford guys got wind of your plan. They authorized me for $117K (effectively $0 down) but at 4.74% for 60 months which I can further reduce by an account and setting up direct deposit. They already gave me a 0.25% discount for the Karma being a hybrid.

SMCU is offering a much better deal which is 2.74% (2.99% - 0.25% Hybrid Discount) for 60 Months (or 1.99% for up to 36 months) for the same $117K and all I have to do is open an account with them. I am still waiting for final approval from SMCU. Will post when I hear further.

-- Fab.
 

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Denton Area Teachers Credit Union (Texas) has me pre-approved up to $100K for 5 year term @ 2.5%. Now, if they can just get the car here.

BillyO
 

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Discussion Starter · #16 ·
Fabulist said:
SoCalGuy said:
As a Berkeley man, I'd happily take Stanford money at 1.99% =)
@SoCalGuy: I think the Stanford guys got wind of your plan. They authorized me for $117K (effectively $0 down) but at 4.74% for 60 months which I can further reduce by an account and setting up direct deposit. They already gave me a 0.25% discount for the Karma being a hybrid.

SMCU is offering a much better deal which is 2.74% (2.99% - 0.25% Hybrid Discount) for 60 Months (or 1.99% for up to 36 months) for the same $117K and all I have to do is open an account with them. I am still waiting for final approval from SMCU. Will post when I hear further.

-- Fab.
San Mateo County Federal Credit Union finally approved my loan for $100K @ 2.49% for 50 Months. Compared to the usual sign-then-drive process of financing a car, It was a pretty grueling process and they asked for a lot of documentation for my income but the rate is really good. I could not get them to go to full value of $117K but the rate is good enough that I don't mind using up cash for the down payment.

Here is a link to their website if you want to apply. There is a link on their web page to fill in the application on line and they get back to you fairly quickly. Now that they know what a Fisker is, any new applications should go even more smoothly.

-- Fab.
 

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I found a local credit union that did it 2.74% up to 100% financing for 60 mos.
 

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Discussion Starter · #19 ·
BillyO said:
The dealership found an offer from Chase 2.1% for 60mos., 10%down, asking for 2 years tax returns.

BillyO
@BillyO, which dealership? Thanks.

-- Fab.
 
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